Survey: O.C. wealth starts at $5 million

A million bucks might sound like a lot of money, but most Orange County millionaires apparently don't agree.

Nearly three-quarters of local residents with at least $1 million in investable assets said they do not consider themselves wealthy, according to a new survey of affluent Orange and San Diego county investors by UBS Wealth Management Americas. Instead, respondents said it would take $5 million in net worth for them to feel wealthy.

"What's surprising to me is they could have $2 million, $3 million, $4 million and not feel wealthy," said Brad Howell, senior vice president of wealth management for UBS in Southern California.

The survey polled 4,450 investors with $250,000 or more in investable assets; many people said wealth is less about living a luxurious lifestyle and more about not having financial constraints.

Survey participants said one constraint is the burden of caring for family members. Eighty percent of respondents said they provide some type of financial support for their children, grandchildren or parents, such as providing housing or paying for education.

Ensuring that children and grandchildren are financially secure was a top concern for respondents, trailing only the ability to afford health care over the long term – the top concern for 29 percent of investors.

Despite signs of recovery in the economy, many wealthy individuals remain somewhat conservative with their money. Nearly one-quarter of respondents said they continue to hold high levels of cash, which Howell said is "almost an insurance policy" for many investors.

"The financial crisis of 2008-2009 is still on everyone's mind," he said.